questions. REQUIRED: You are to prepare yourself for the audit by writing down your answers to the following questions: 1. What are the club’s main sources of income? The Western Cape Soccer Club would have a few income accounts to counter the expenses of the club. Most not too different from any type of club you would be able to find. i. Firstly would be Membership fees. This should be the biggest source of income for any club and is a good indicator to show how well your business is doing and
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company’s revenue. This paper explains the fraud occurred in recognizing the revenue and how it overstated the financial statements and increased the stock price. It also explains the fraud theory applied to the revenue recognition and the auditor’s failure in discovering the fraud and reports it to the SEC. This paper will provide methods that auditors should follow in auditing public companies and the best practices they should follow if the company changed the revenue recognition. Background
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EXECUTIVE SUMMARY Revenue Recognition and Wareham SC Systems‚ Inc. Wareham SC Systems‚ Inc. is a capital equipment and testing instrument manufacturer and supplier comprised of three divisions: the Glendale Division‚ the Advanced Technology Division and the Technical Devices Division (Anthony‚ Hawkins‚ & Merchant‚ 2011‚ p. 137). In 1999‚ Somai Desai‚ the company’s chief financial officer‚ received news that the Security Exchange Commision (SEC) issued a new set of revenue recognition and reporting
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American Greetings Corporation IFRS Implementation Property‚ Plant‚ and Equipment is the largest asset account for American Greetings‚ with a 2011 net balance of $241‚649‚000. American Greetings carries its property‚ plant and equipment at cost. Depreciation and amortization of buildings‚ equipment and fixtures are computed principally by the straight-line method over the useful lives of the various assets. The cost of buildings is depreciated over 40 years; computer hardware and software over
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Contents The introduction 1 Summary 1 The advantages and disadvantages of UK adopting IFRS 2 1.The benefits of UK adopting the IFRS 2 1.1 Consistently and transparency 2 1.2 Flexible and Understandable 3 1.3 Global comparability 3 1.4 Decision making 4 1.5 Multinational corporation and cost 4 1.6 Impact the structure of company 5 2. The potential negative impacts that UK may face. 5 2.1 The high costs of converting to IFRS 5 2.2 Lack of comparability and inconsistency 6 2.3 The impact of investors and
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Same as other developing countries‚ there is no doubt that China has to adopt IFRS. However‚ it is not easy for such a centralized communist country to fully obtain the standards. This case study is going to explain the difficulties of obtain the IFRS‚ and the major reasons of adopting IFRS also will be discussed. According to Ramanna and Sletten (2010)‚ more powerful countries are less likely to harmonized IFRS‚ due to powerful countries’ unwillingness to forgo their standard-setting power to
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Problem 1: Travel Expenses Problem Description: Write a C++ program that calculates and displays the total travel expenses of a business trip. The user must provide the following information: * Number of days spent on the trip. * The departure on the first day of the trip‚ and the time of arrival back home on the last day of the trip. The departure and arrival time must be entered in 12h or 24h formats. Your program should consider AM and PM. * The amount of meals eaten The company
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WINDSOR VS. US In the past decade or so‚ the issue of whether or not homosexuals should be treated the same way as heterosexuals has been a major topic. Who’s really to say what “marriage” is these days- the constitution was created so long ago that it isn’t right to still go by some of the laws that were written Same sex marriage is becoming more and more popular now that people aren’t afraid to hide their sexual orientation to the world‚ because most people feel comfortable in the world
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Introduction The United States is currently going through a big decision. It is deciding on whether to fully adopt International Financial Reporting Standards (IFRS)‚ or to stay with the current U.S Generally Accepted Accounting Principles (GAAP). Since this is such a major decision‚ now would be an opportune time to take a look at what the pros and cons would be of switching to this new way of financial reporting‚ and in doing so‚ show why I believe the costs (both financial and otherwise) are
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to be able to sell his business for a higher price. He knows this can be a challenge but he also knows it is possible. Mr. Blowhard has found a way for his books to be beneficial to him so he has the option of retirement. With normal operating expenses they are a loss to the company. With Wilson Blowhard’s communication business the company is being expensed a dollar for each line. When Mr. Blowhard decided to make use of the lines as an asset‚ it makes the business worth more. When there are
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